Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells $291,493.02 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 35,854 shares of Abacus Global Management stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $8.13, for a total transaction of $291,493.02. Following the completion of the transaction, the insider directly owned 12,550,752 shares in the company, valued at approximately $102,037,613.76. The trade was a 0.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Wednesday, September 23rd, Sean Mcnealy sold 22,700 shares of Abacus Global Management stock. The stock was sold at an average price of $7.74, for a total value of $175,698.00.
• On Friday, September 18th, Sean Mcnealy sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,213.23.

Abacus Global Management Stock Performance

ABX opened at $8.22 on Friday. The business’s 50-day simple moving average is $9.59 and its 200 day simple moving average is $9.49. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $804.13 million, a PE ratio of 29.37 and a beta of 0.06.

Abacus Global Management declared that its board has authorized a stock repurchase program on Friday, August 14th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 12.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Abacus Global Management

A number of large investors have recently bought and sold shares of the company. Engineers Gate Manager LP grew its holdings in shares of Abacus Global Management by 86.0% during the 2nd quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock valued at $606,000 after purchasing an additional 26,157 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Abacus Global Management by 20.8% in the 2nd quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock valued at $595,000 after purchasing an additional 9,580 shares during the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in Abacus Global Management by 31.6% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock valued at $2,204,000 after purchasing an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Abacus Global Management in the second quarter valued at approximately $221,000. Finally, Hsbc Holdings PLC acquired a new stake in Abacus Global Management in the second quarter valued at approximately $285,000.

Key Headlines Impacting Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus completed a landmark $400 million securitization. The transaction could strengthen liquidity, expand financing capacity and support growth in the company’s longevity-based asset management platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Kevin “Scott” Kirby elected to terminate their pre-arranged Rule 10b5-1 trading plans while retaining substantial ownership. Ending the plans may reduce recurring selling pressure and signal continued long-term commitment. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
• Neutral Sentiment: Abacus will participate in a virtual fireside chat hosted by Autonomous Research. The event could give investors additional insight into strategy and operating trends, although no new financial guidance was disclosed. Abacus Global Management to Participate in Virtual Fireside Chat Hosted by Autonomous Research
• Negative Sentiment: Major shareholders sold additional shares: McNealy sold 22,700, Kirby 22,745 and Ganovsky 22,800, for combined proceeds of approximately $528,000. The sales were made under pre-arranged plans and represented less than 0.3% of each holder’s stake, limiting their fundamental significance but adding near-term supply. Abacus Global Management Insider Trading Alert
• Negative Sentiment: The latest transactions follow more than $1.8 million of combined founder sales earlier in September. Repeated insider selling may weigh on sentiment despite the founders continuing to own large positions.

Wall Street Analysts Forecast Growth

ABX has been the subject of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Piper Sandler cut their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Finally, Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.